Could or should the city be sacrificed for good brexit deal??
Discussion
For the good of the majority ??? further to May's speech saying she will govern for the little man ...
should our deals on trade in goods , fishing , cars and agricultural produce etc that benefits the wider economy be done even if they have to give concessions maybe against the best interests of the city of london and the financial sector?? something that makes a lot of money for a privileged few and pays some tax ,
is it a perfect opportunity to re balance our economy ...
should our deals on trade in goods , fishing , cars and agricultural produce etc that benefits the wider economy be done even if they have to give concessions maybe against the best interests of the city of london and the financial sector?? something that makes a lot of money for a privileged few and pays some tax ,
is it a perfect opportunity to re balance our economy ...
powerstroke said:
For the good of the majority ??? further to May's speech saying she will govern for the little man ...
should our deals on trade in goods , fishing , cars and agricultural produce etc that benefits the wider economy be done even if they have to give concessions maybe against the best interests of the city of london and the financial sector?? something that makes a lot of money for a privileged few and pays some tax ,
is it a perfect opportunity to re balance our economy ...
Fishing.................give me strength....................should our deals on trade in goods , fishing , cars and agricultural produce etc that benefits the wider economy be done even if they have to give concessions maybe against the best interests of the city of london and the financial sector?? something that makes a lot of money for a privileged few and pays some tax ,
is it a perfect opportunity to re balance our economy ...
Powerstroke...what sized lightbulb is burning in your head?
http://www.telegraph.co.uk/news/2016/07/14/germany...
Hopefully won't come to that. Schauble making positive noises on passporting?
Hopefully won't come to that. Schauble making positive noises on passporting?
davepoth said:
kurt535 said:
Fishing.................give me strength....................
Powerstroke...what sized lightbulb is burning in your head?
Look at it this way. £1bn in London will pay maybe 1,000 bankers. In Grimsby it'll pay 20,000 fishermen and pay them pretty handsomely. Powerstroke...what sized lightbulb is burning in your head?
Define "the City". Do you mean shut down the London Stock Exchange? Well then UK companies will have to go to Europe or the US to obtain investment capital. Increasing the cost of capital, and for sure eliminating small and midcap listed companies.
Perhaps you mean just stop London bankers making stupid money? The bonus caps already did that, and the current business climate is making sure no megabonuses will be paid this or or probably next. Plus those bonuses are fully taxable, no gold or pref share schemes allowed any more. So big bucks to HMRC, actually 15% of total income tax take. From only 660,000 people. That pays for a lot of hospitals.
Or perhaps, merely aiming to reduce the importance of the financial services sector to British GDP? But that's near 10% of GDP and we are already running into a recession it seems. Want to make it worse?
Happy to debate the pros and cons if you have a view on what should be done.
Perhaps you mean just stop London bankers making stupid money? The bonus caps already did that, and the current business climate is making sure no megabonuses will be paid this or or probably next. Plus those bonuses are fully taxable, no gold or pref share schemes allowed any more. So big bucks to HMRC, actually 15% of total income tax take. From only 660,000 people. That pays for a lot of hospitals.
Or perhaps, merely aiming to reduce the importance of the financial services sector to British GDP? But that's near 10% of GDP and we are already running into a recession it seems. Want to make it worse?
Happy to debate the pros and cons if you have a view on what should be done.
powerstroke said:
For the good of the majority ??? further to May's speech saying she will govern for the little man ...
should our deals on trade in goods , fishing , cars and agricultural produce etc that benefits the wider economy be done even if they have to give concessions maybe against the best interests of the city of london and the financial sector?? something that makes a lot of money for a privileged few and pays some tax ,
is it a perfect opportunity to re balance our economy ...
I think you are right. fshould our deals on trade in goods , fishing , cars and agricultural produce etc that benefits the wider economy be done even if they have to give concessions maybe against the best interests of the city of london and the financial sector?? something that makes a lot of money for a privileged few and pays some tax ,
is it a perfect opportunity to re balance our economy ...
k those city scroungers! fk elite! Them bankists telling us little people how to live! No more! We'll catch fishies and export them to Norvegians and EU and make City income look like pocket change! The north will be the powerhouse again!Blue Oval84 said:
The City represented 15% of all government tax receipts in 2015. Would you really like to sacrifice that? Would you be happy to pay a good chunk more tax to plug the hole?
Are you sure about that, I thought it was 11% and that figure was extrapolated so unlikely to accurateTonyToniTone said:
Blue Oval84 said:
The City represented 15% of all government tax receipts in 2015. Would you really like to sacrifice that? Would you be happy to pay a good chunk more tax to plug the hole?
Are you sure about that, I thought it was 11% and that figure was extrapolated so unlikely to accurateTonyToniTone said:
Are you sure about that, I thought it was 11% and that figure was extrapolated so unlikely to accurate
Nope, I just read it on the first google link that popped up, think it was the Telegraph.11%, 15%, 10%, either way, it would be a f
king huge hit if it weren't there anymore.98elise said:
davepoth said:
kurt535 said:
Fishing.................give me strength....................
Powerstroke...what sized lightbulb is burning in your head?
Look at it this way. £1bn in London will pay maybe 1,000 bankers. In Grimsby it'll pay 20,000 fishermen and pay them pretty handsomely. Powerstroke...what sized lightbulb is burning in your head?
I think this must be a wind up.
"A well-functioning financial system is critical for economic growth. However, some studies find a negative relationship between the two at high levels of financial development. This column discusses why this is the case and suggests some policy implications. It argues that reforms that refocus the financial system on enterprise credit and on internalising the downside risks can be beneficial."
Finance is a powerful tool for economic development but with important non-linear effects. Critically, poorly designed regulatory framework can reinforce the fragility inherent in financial systems, and cause economic damage. This also implies that the financial sector can grow too large for society’s benefits. Even twenty to thirty years after financial liberalisation, high-income countries still have to learn how to live with the genies they let out of the bottle and harness it to the benefit of their societies.
http://www.voxeu.org/article/finance-and-growth
Why does financial sector growth crowd out real economic growth?
"In this paper we examine the negative relationship between the rate of growth of the financial sector and the rate of growth of total factor productivity. We begin by showing that by disproportionately benefiting high collateral/low productivity projects, an exogenous increase in finance reduces total factor productivity growth. Then, in a model with skilled workers and endogenous financial sector growth, we establish the possibility of multiple equilibria. In the equilibrium where skilled labour works in finance, the financial sector grows more quickly at the expense of the real economy. We go on to show that consistent with this theory, financial growth disproportionately harms financially dependent and R&D-intensive industries."
https://www.bis.org/publ/work490.htm
Lord Turner, ex-chairman of the Financial Services Authority
"He said that the City had grown "beyond a reasonable size", accounting for too much of British output and taking away too many of the country's brightest graduates.
It should be cut down to size through new taxes if necessary, he said during a round-table discussion organised by Prospect magazine.
"I think some of it is socially useless activity," he said, referring to the complex financial instruments that have largely been blamed for triggering the biggest global financial crisis in decades.
Areas that had grown too big included fixed income securities, derivatives, trading and hedging, and possibly also asset management and share trading.
Lord Turner said he would be in favour of imposing City-specific taxes, if necessary. "If you want to stop excessive pay in a swollen financial sector you have to reduce the size of that sector or apply special taxes to its pre-remuneration profit," he said.
http://www.telegraph.co.uk/finance/newsbysector/ba...
Finance is a powerful tool for economic development but with important non-linear effects. Critically, poorly designed regulatory framework can reinforce the fragility inherent in financial systems, and cause economic damage. This also implies that the financial sector can grow too large for society’s benefits. Even twenty to thirty years after financial liberalisation, high-income countries still have to learn how to live with the genies they let out of the bottle and harness it to the benefit of their societies.
http://www.voxeu.org/article/finance-and-growth
Why does financial sector growth crowd out real economic growth?
"In this paper we examine the negative relationship between the rate of growth of the financial sector and the rate of growth of total factor productivity. We begin by showing that by disproportionately benefiting high collateral/low productivity projects, an exogenous increase in finance reduces total factor productivity growth. Then, in a model with skilled workers and endogenous financial sector growth, we establish the possibility of multiple equilibria. In the equilibrium where skilled labour works in finance, the financial sector grows more quickly at the expense of the real economy. We go on to show that consistent with this theory, financial growth disproportionately harms financially dependent and R&D-intensive industries."
https://www.bis.org/publ/work490.htm
Lord Turner, ex-chairman of the Financial Services Authority
"He said that the City had grown "beyond a reasonable size", accounting for too much of British output and taking away too many of the country's brightest graduates.
It should be cut down to size through new taxes if necessary, he said during a round-table discussion organised by Prospect magazine.
"I think some of it is socially useless activity," he said, referring to the complex financial instruments that have largely been blamed for triggering the biggest global financial crisis in decades.
Areas that had grown too big included fixed income securities, derivatives, trading and hedging, and possibly also asset management and share trading.
Lord Turner said he would be in favour of imposing City-specific taxes, if necessary. "If you want to stop excessive pay in a swollen financial sector you have to reduce the size of that sector or apply special taxes to its pre-remuneration profit," he said.
http://www.telegraph.co.uk/finance/newsbysector/ba...
Edited by Fittster on Thursday 14th July 23:56
kurt535 said:
powerstroke said:
For the good of the majority ??? further to May's speech saying she will govern for the little man ...
should our deals on trade in goods , fishing , cars and agricultural produce etc that benefits the wider economy be done even if they have to give concessions maybe against the best interests of the city of london and the financial sector?? something that makes a lot of money for a privileged few and pays some tax ,
is it a perfect opportunity to re balance our economy ...
Fishing.................give me strength....................should our deals on trade in goods , fishing , cars and agricultural produce etc that benefits the wider economy be done even if they have to give concessions maybe against the best interests of the city of london and the financial sector?? something that makes a lot of money for a privileged few and pays some tax ,
is it a perfect opportunity to re balance our economy ...
Powerstroke...what sized lightbulb is burning in your head?
if our relationship was just hard goods then we could just tell them our terms take it or leave it as they have a massive surplus and it would be easy to put tariffs on imports from the EU if they wanted to be funny with us , however it seems we have a defict with them when it comes to financial services and that puts us in a weaker position , hence my question....
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